After a period of consolidation, Bitcoin (BTC) has made a significant price breakthrough, surging over 4% to reach $72,715 today.
Analysts, including Ali Martinez on X, attribute this surge to a rebound in Bitcoin’s price following a recent downswing, which resulted in approximately $72 million in liquidations as the price climbed back to $70,875.
A lot of sellers in this recent downswing. Now, nearly $72 million will be liquidated if #Bitcoin rebounds to $70,875! pic.twitter.com/giVxiIQqTP
— Ali (@ali_charts) April 8, 2024
Martinez suggests that Bitcoin is showing signs of breaking out, with a key level to watch being $70,800. If Bitcoin can maintain its position above this level, the next target is set at $85,000, with the current trading price hovering around $72,056.
#Bitcoin appears to be breaking out! If $BTC can hold above $70,800, the next target becomes $85,000! pic.twitter.com/JPLf18KZvt
— Ali (@ali_charts) April 8, 2024
Surge In Bitcoin ETFs Continues
Data from Santiment indicates that trading activity in Bitcoin exchange-traded funds (ETFs) remains robust, even four weeks after Bitcoin’s all-time high.
Despite fluctuations, ETFs such as $GBTC, $IBIT, $FBTC, $ARKB, $BTCO, $BITB, and $HODL continue to experience high levels of trader activity.
This sustained interest is particularly notable since late February, when individual trading activity surged and has remained consistently high since then.
📊 #Bitcoin #ETF volume hasn't slowed down four weeks after the $BTC #AllTimeHigh. Among $GBTC, $IBIT, $FBTC, $ARKB, $BTCO, $BITB, and $HODL, trader activity is still notably higher than the turning point that began in late February after an influx of individual trading began… pic.twitter.com/LErr5T8BWF
— Santiment (@santimentfeed) April 7, 2024
Looking ahead, analysts anticipate continued high activity leading up to the April 19th halving event. However, there is speculation about whether there will be a drop-off in ETF volume and on-chain volume immediately following the event.
While it remains uncertain how the market will react post-halving, market observers are closely monitoring trading patterns and volumes for potential insights into Bitcoin’s future price movements.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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